Global Economy Week Ahead: U.S. GDP Revisions and Other Data

In the week ahead, the U.S. Commerce Department releases second-quarter gross domestic product revisions and July personal-income figures. Overseas, Brazil will see second-quarter gross domestic product data and China will release factory-activity numbers.

Wednesday: The Commerce Department releases its second estimate of second-quarter gross domestic product. In the original estimate, the Commerce Department reported that the value of all goods and services produced across the economy rose at a seasonally and inflation-adjusted annual rate of 4.1% in the second quarter, the Commerce Department. Economists surveyed by the Wall Street Journal forecast second-quarter gross domestic product increased at a revised 4.0% annual rate.

Thursday: The Commerce Department releases July personal income data. U.S. households’ incomes and spending both rose at a solid rate in June, indicating consumers have the capacity to drive gains in economic output. Personal consumption expenditures, a measure of household spending on everything from hospital stays to groceries, increased a seasonally adjusted 0.4% in June from the prior month, the Commerce Department said. Economists surveyed by the Wall Street Journal forecast consumer spending was up 0.4% in July, while incomes grew 0.3%.

Friday: Brazil has a data-heavy week, with second-quarter gross domestic product coming out on Friday at 8 a.m. EDT amid worsening forecasts. It was the quarter when a truckers strike brought the economy to a near-halt. Later, at 9:30 a.m., the central bank releases budget data amid a persistent fiscal crisis.

China releases its official gauge of factory activity for August. Economists expect the official purchasing manufacturing managers’ index to continue edging lower from July’s three-month low, as heavy rainfall disrupted production in some parts of China, adding to headwinds from the rising trade tensions with the U.S. It may take a few months for the government’s fiscal and monetary easing measures to eventually arrest slowing economic growth momentum, they say.